- 5/29/2025
You’ve been adulting for a good 5 years now. Since day one, you’ve diligently paid for your health insurance — no claims, no drama.
Category
🎵
MusicTranscript
00:00I mean, this is gonna sound harsh lah, but if we were to pass away...
00:04I'm not getting that money.
00:06So like, so far nobody is depending on me yet.
00:09And I feel like nobody is going to depend on me for quite a long time.
00:13So we need to reduce the burden of the healthcare system lah.
00:17So if we have the means to, we can pay for insurance, we go to a private hospital.
00:21More important than medical insurance because again we have...
00:23KKM right?
00:25Not to abuse it.
00:27Not to abuse it, but it's there for a reason lah.
00:35Hi, my name is Ymir and I'm talking all things money.
00:38Today my guest is Aisha.
00:40I'm Aisha, 28.
00:42Okay, Aisha what do you want to talk about today?
00:44I'm paying for insurance every month.
00:46Okay.
00:47Since the day I started working.
00:48So am I being scammed?
00:50Since the day you started working?
00:52Yeah, that was 5 years ago.
00:53Super responsible.
00:54When I first started working, I was like, I'm going to spend my money however I want first.
00:57Insurance was a lot, kan, to pay.
00:59That was the first thing I thought about.
01:01Really?
01:02What insurance do I want to pay?
01:03Really?
01:04Your first paycheck you wanted to buy insurance.
01:05The first paycheck?
01:06That was the first thing I paid for.
01:07That was not me.
01:08My insurance.
01:09That was not me.
01:10After two promotions, I'm like, okay lah, I can afford insurance a bit now.
01:13But, okay, super responsible.
01:14Okay.
01:15So, what insurance do you have?
01:16Do you know?
01:17Okay.
01:18The first day that I paid for my insurance, I know, but it's been five years, right?
01:21Okay.
01:22I forgot what I'm paying for.
01:23Okay.
01:24Yeah.
01:25Okay.
01:26I'm going to assume that this is medical insurance.
01:27I think usually that's what people go for and then they mix it in with a bit of life insurance.
01:30Correct.
01:31Okay.
01:32Do you know how these two things work, first of all?
01:34Okay.
01:35Let me just explain real quick.
01:36Okay.
01:37So, medical insurance is for, let's say something happens to you lah.
01:40Whether you get into a car accident, you get diagnosed with cancer, whatever it is.
01:44You get admitted to the hospital, they will cover your hospital bills.
01:47So, that's medical insurance, right?
01:48Mm-hmm.
01:49And then life insurance is also usually added into people's medical insurance.
01:52That is, if you were to pass away, there will be a sum of money passed on to your next
01:56of kin, whoever is your beneficiary lah.
01:58Yep.
01:59Right?
02:00So, those are typically how those two things work.
02:01I'm going to assume that you have a bit of both lah.
02:03I think I do have that.
02:04Okay.
02:05Okay.
02:06Yeah.
02:07The life insurance as well.
02:08Okay.
02:09So, why do you think you're being scammed?
02:10Okay.
02:11So, it's been five years.
02:12I've been paying every month.
02:13Okay.
02:14200 ringgit.
02:15Okay.
02:16I started with 200 ringgit.
02:17Okay.
02:18And then, mid of last year, mid of 2024, my premium increased to 224.
02:23224.
02:2410%.
02:25Yeah.
02:26About 10%, yeah.
02:27Yeah, but on top of that, I don't only have that insurance.
02:29Okay.
02:30So, I have another one that covers everything that is like woman related.
02:34Okay.
02:35If you get robbed, if you get pregnant, if you have cervical cancer.
02:39Okay.
02:40Anything that is woman, breast cancer.
02:41Okay.
02:42So, that's a special, another kind of insurance that I've been paying every month.
02:46Okay.
02:47For the past three years.
02:48Yeah.
02:49That is 24.
02:50I started with 24 ringgit a month.
02:52And then, same, the same thing happened with my insurance, my first insurance.
02:59Last year, it increased to like 58 ringgit.
03:01Okay.
03:02So, now I am paying around almost 300.
03:06Almost 300 ringgit.
03:07Yeah, right?
03:08224, 58.
03:09Yeah.
03:10300 ringgit.
03:11Okay.
03:12A month.
03:13A month for the past seven months, I feel like.
03:16Yeah.
03:17And I've never had to claim my insurance because I've been to the hospital before.
03:21I've gotten sick before.
03:22Okay.
03:23But for some reason, we have the My Suggestra app, right?
03:26Yep.
03:27Okay.
03:28We can make appointments.
03:29Okay.
03:30To government clinics.
03:31Okay.
03:32Yeah.
03:33We can make appointments.
03:34We can get referred from the government clinics to a government hospital.
03:36So, I've used Hospital Ampang.
03:38I've used HKL services.
03:40They're great, actually.
03:41Yep.
03:42And I live in KL.
03:43Getting public clinics is quite easy.
03:47For you.
03:48Okay.
03:49Yeah.
03:50Because I live in KL.
03:51Okay.
03:52In the middle of the city.
03:53So, I've been paying for my medical expenses.
03:55The most expensive that I've paid is RM15.
03:58That's the most.
03:59The most.
04:00I think that's one of the best things about being in Malaysia, right?
04:02Yes.
04:03Public healthcare.
04:04Yeah.
04:05Public healthcare.
04:06Yep.
04:07So, now I'm thinking about, should I continue with my insurance?
04:10Nearly RM300 a month insurance.
04:12Yeah.
04:13When you haven't been using it at all, right?
04:14Yeah.
04:15And I'm relying a lot on the government.
04:17Yeah.
04:18Most people have this similar kind of view, especially when they don't claim insurance,
04:22right?
04:23And then when you hear stories about people who say, you know, I got into a car accident
04:26really bad.
04:27Thank God I had insurance, right?
04:28So, it really depends on your personal scenario.
04:31To me, the way I see insurance is, I've never claimed my insurance as well.
04:35I've been paying for, I think, three, four years.
04:37And I also recently got an increase.
04:39I feel your pain, 20% for me.
04:42But then I think, you know, would I rather have been forced to claim insurance and been
04:47put into hospital?
04:48Obviously not.
04:49I consider myself lucky that I don't have to.
04:51Lucky, yeah.
04:52Exactly, exactly, exactly, yeah.
04:53But, okay.
04:54So, a lot of people feel this way.
04:55I think recently a lot of people got their insurance premiums going up.
04:58And then, especially if they're like you, they've never claimed it before.
05:01They feel like, this is such a scam.
05:03The insurance company is just taking my money.
05:05I could have just used this money to go on holiday, right?
05:07200 ringgit a month.
05:08One year, 2004.
05:10That's Bali every year.
05:11Oh, you're not right.
05:12You're not right.
05:13That's Bali every year, right?
05:15Public health care is okay, right?
05:17Okay, but on a more serious note, I think...
05:20So, this is how I see insurance.
05:22Let's just take it one by one.
05:23So, life insurance.
05:25Life insurance is paid out if you were to pass away.
05:29So, it would be paid out to whoever is your next husband.
05:31Whether it's your mom, if you're married, maybe your husband or your kids.
05:34Okay?
05:35So, I think a lot of people, they get tricked a bit by whether it's insurance agents or ads and stuff.
05:41They don't understand it, maybe.
05:42But, to me, life insurance is not so important if people are not dependent on you or your income.
05:49Right?
05:50So, if you are, let's say, a child and you have no kids, you have no parents who are aging and need the income from you,
05:57then life insurance is not super important because, I mean, this is going to sound harsh, but if we were to pass away...
06:03I'm not getting that money.
06:04I mean, yeah.
06:05And people don't rely on us, right?
06:07People don't need our income.
06:08Okay.
06:09Compared to someone who is, let's say, one day, I get married, I have kids and stuff.
06:13I'm the sole breadwinner of my family.
06:15My wife, my kids, they all rely on me for an income.
06:18If I were to pass away, suddenly, they don't have any more cash.
06:20Right?
06:21So, that is a real issue that needs to be solved.
06:22And that is what life insurance is for.
06:24Okay.
06:25So, that is, to me, the important part.
06:26Because life insurance can be very expensive.
06:27Some people are buying 100,000, 300,000 ringgit worth of life insurance.
06:31No one is depending on them.
06:32To me, that is a bit, kind of a waste.
06:34Kind of a waste of money.
06:35I would rather take that money, save it.
06:38If I die, this savings can go to whoever.
06:41It can go to my mum, it can go to my wife.
06:43It doesn't matter.
06:44So, like, so far, nobody is depending on me yet.
06:47And I feel like that's, nobody is going to depend on me for quite a long time.
06:51Okay.
06:52Because my mum is still working.
06:53My family is working.
06:54Ideal.
06:55Yeah.
06:56And I, I'm not married.
06:57Okay.
06:58Yeah.
06:59No kids, right?
07:00No.
07:01Okay, hopefully.
07:02Okay.
07:03Yeah, so I think in your scenario, I think a lot of people in this scenario,
07:04if you're like early twenties, even late twenties like myself,
07:06I'm in the same situation as you.
07:08So, I allocate very little towards life insurance.
07:11I don't know if you're forced to do it.
07:12I didn't know that you can actually allocate a certain amount.
07:15Yeah, yeah, yeah.
07:16You can, so, so if you tell your agent like, this is how much I want to spend.
07:19I'm sorry.
07:20They will give you something, they will give you something like, oh, 1 million to medical
07:23and then 30K life insurance.
07:26And you can tell them, you know what?
07:27I don't want 30K life insurance.
07:28Reduce that to 10,000 and I want to increase my annual medical limit.
07:31It will say that.
07:32Yeah.
07:33You can do that.
07:34Yeah, yeah.
07:35I think a lot of people don't ask their insurance agent.
07:36I did not.
07:37Yeah.
07:38Because I rely on them to, you know, kind of give me whatever fits me.
07:43Yeah.
07:44Don't trust anyone in finance.
07:45Don't even trust me.
07:46Yeah.
07:47Sorry.
07:48Is this the right place?
07:49Yeah.
07:50But a lot of people don't know.
07:52But basically, yeah, it's fine.
07:53I think it's fine.
07:54In a nutshell, if you don't have anyone depending on your income, don't spend so much on life
07:58insurance.
07:59I don't know if you're forced to have it as part of like a bundle, but even if you're
08:01forced to just minimal, I think not so important.
08:04But like I said, if things change, one day you have a family and stuff, then you should
08:07consider it.
08:08For sure.
08:09Consider getting more life insurance.
08:10Okay.
08:11For your kids.
08:12Okay.
08:13So that's life.
08:14Life.
08:15Out of the way.
08:16Medical.
08:17Okay.
08:18Medical, my opinion.
08:19Okay.
08:20His opinion.
08:21Yeah.
08:22So medical insurance, like you said, public healthcare in Malaysia is super cheap.
08:26It's very heavily subsidized by the government, right?
08:29So that's a really good thing.
08:31So my opinion is if you are someone who is on a lower income, right?
08:36Or if you're someone who is struggling with cash flow because you have a lot of other
08:39commitments, I would not get medical insurance even because I can only say this because public
08:43healthcare in Malaysia is cheap, right?
08:45So that's my view.
08:46But if you're someone on the higher income side, if let's say you have extra cash flow
08:50every single month, then I would consider medical insurance for two reasons.
08:54One is we have to play our part as Malaysians, right?
08:58I mean, the government is subsidizing the hospitals, but who's paying for that money?
09:02It's our tax money at the end of the day, right?
09:04Yeah.
09:05So we need to reduce the burden of the healthcare system.
09:07I think you know as well, doctors in Malaysia, they're overworked and stuff, right?
09:11So if we have the means to, we can pay for insurance, we go to a private hospital, right?
09:15Let the less fortunate go to public healthcare.
09:17Right?
09:18That's one reason.
09:19The second reason for me at least and why I buy medical insurance now is I just want
09:23to be a bit more comfortable, just to make sure that, you know, it's not that public healthcare
09:26is bad.
09:27It's not that our public hospitals are bad.
09:28Actually, I've never been.
09:29How is it?
09:30Okay?
09:31I've never been...
09:33Like checked in?
09:35Yeah.
09:36I've never been to the emergency.
09:38Okay.
09:39It's always the clinic.
09:40So it's...
09:41They're pretty new.
09:42Okay.
09:43Yeah.
09:44They're pretty nice.
09:45I don't know if suddenly you need to go to emergency, maybe not so comfortable.
09:51Yeah.
09:52You definitely have to share rooms.
09:53You're not getting a private room in public, right?
09:55That's for sure.
09:56Yeah.
09:57So for me, I am willing to pay a bit more for the comfort.
10:01So this is obviously up to individual.
10:03So I am willing to pay for medical insurance just so that I could go to any private hospital
10:08if I needed to.
10:10Maybe you get a bit nicer rooms, you know, you can get your own room and stuff like that.
10:15So that's purely the reason why I would get medical insurance.
10:18Right?
10:19So that is my view in a nutshell.
10:20If you're not earning a lot, again, not necessary.
10:23I would rather if you were to spend, let's say you're on a lower income, right?
10:26And you want to spend 200 ringgit a month on insurance.
10:28I would rather take that 200 ringgit, save it in a separate bank account and call this
10:32your sinking fund.
10:34So sinking fund is something that you save for a particular reason.
10:37So this can be your medical sinking fund.
10:39Okay.
10:40So instead of paying 200 ringgit to the insurance company, I'm taking this 200 ringgit every
10:42month still.
10:43I'm putting it into my medical sinking fund and I save this money every single month.
10:47Right?
10:48If anything were to happen to me, I don't have enough to pay for it.
10:50I go to public healthcare.
10:52Right?
10:53But if, let's say, I saved a nice amount of money, 10,000 ringgit after a few years,
10:57right?
10:58If you want to go to medical, you can just take that.
11:00Right?
11:01So that is what I would rather do.
11:02If you're someone who is not earning that much, you're a bit tight.
11:05I wouldn't say that insurance in Malaysia is a necessity.
11:08You must have it.
11:09Aside from, again, people who are high income, sole breadwinner, life insurance they want
11:13to meet, you have to have it.
11:15Otherwise, if you were to pass your families, like, you know, totally out of income.
11:20That's not a good thing.
11:21Yeah.
11:22That's what I think about it.
11:23Yeah.
11:24Okay.
11:25So, if I have my sister right now, she's starting her job.
11:27Okay.
11:28She wanted to take medical insurance right now.
11:29Okay.
11:30What do I tell her?
11:31Like, how, for someone who is starting, right?
11:34Okay.
11:35She's just starting her job.
11:36Well, you guys are, you guys are, like, raised in a family of either you're super financially
11:40responsible or you guys watch a lot of, like, insurance ads when you were young.
11:45We just want our gaji to go where it's supposed to go.
11:49Like, you know, if we have money, we have enough extra cash to, you know, buy a car so
11:56we can easily commute to work.
11:59Then you will do that.
12:00Then we will do that.
12:01Yeah.
12:02Just to make, you know, things easier.
12:04Okay.
12:05I would say, for someone who is just starting out, there are a lot of things that you can
12:09still save for.
12:10So, again, if she's earning, like, 10,000 ringgit off the bat per month, then by all
12:15means, buy insurance if she wants to, right?
12:17But let's say she's more of a typical Malaysian who's starting out with maybe 3,000, 3,500 a
12:22month, right?
12:23Let's say.
12:24I wouldn't rush into getting insurance.
12:26You can wait a year just to see, you know, your cash flow is everything okay and stuff
12:30like that.
12:31Because there's one thing that I would say is more important for most people than medical
12:34insurance is to have an emergency fund.
12:36Have you heard of that?
12:37Yes, but I've never done it for myself.
12:40Okay.
12:41Okay.
12:42Okay.
12:43So, what do you know about emergency funds then?
12:44So, I don't really focus on saving for emergency.
12:46Okay.
12:47If I have money, I just save, like, okay, 50 this month.
12:51Okay.
12:52Okay.
12:53And you put it, where do you save it?
12:54In a different saving account bank because I have a few that separates my money.
13:00So, I have my salary in one bank.
13:03Okay.
13:04And I separate for my car.
13:05And then for my...
13:06Okay, okay.
13:07So, I don't kacau.
13:08Okay, okay, okay.
13:09Yeah.
13:10I would say emergency fund is, like, on its own.
13:13Yeah.
13:14And generally speaking, people say that you should save between three to six months worth
13:18of your expenses.
13:19I think that is, like, the first, first thing that people should try and achieve when they
13:23are a fresh grab.
13:24Three to six months of my expenses.
13:26Expenses.
13:27So, if you spend $3,000 a month, $9,000 to $18,000.
13:31$9,000 to $80,000.
13:32Yeah.
13:33That's, like, the first goal.
13:34Because having this emergency fund.
13:35Imagine, if you have this, right, you know that whatever happens, you'll be fine.
13:39If you got laid off, I have at least six months worth of my expenses, to get back on
13:44my feet and stuff, right?
13:45So, this is, to me, the most important part.
13:46More important than medical insurance because, again, we have KKM, right?
13:50Not to abuse it.
13:51Thank you, Goli.
13:52Yeah.
13:53Yeah.
13:54Not to abuse it, but it's there for a reason.
13:56It's there for a reason.
13:57So, no rush for your sister, right?
13:59Okay.
14:00Start out work.
14:01Save money.
14:02Enjoy yourself a bit.
14:03I think it's fine.
14:04I think in finance, we have to enjoy ourselves as well.
14:05After one year, if she feels like, you know what?
14:07I'm earning a lot of money.
14:08I can buy insurance as well.
14:09Then, go for it.
14:10No rush.
14:11Okay.
14:12Yeah.
14:13So, okay, for someone like me, right?
14:14If I feel like I want to downgrade my premium or if I want to stop completely, what's your
14:21advice then?
14:22Okay.
14:23So...
14:24What do you think?
14:25What's your opinion on that?
14:26So, there is a way to reduce your premium.
14:28Yeah.
14:29So, I have...
14:30I didn't know that.
14:31Yeah, yeah, yeah.
14:32I thought when they, like, increase it, then I have to just, like, follow.
14:34Okay.
14:35No.
14:36So, funny story.
14:37So, my insurance just got increased as well.
14:38My premium just increased, right?
14:39Yeah.
14:40But, like, 20%.
14:41I won't say which company.
14:43I won't say which company.
14:44I posted it on social media.
14:45I was like, oh my god, I can't believe this.
14:47They increased my premium.
14:48And then, suddenly, I got a call.
14:50And they were like, hello, this is the customer service and we saw your tweet.
14:53Ayo!
14:55And they were like, let me just explain to you why this is the case, right?
14:58And then, he just explained it to me for, like, 10 minutes.
15:00And then, he was like, but we're also going to offer you an option to reduce your premiums
15:03back to where they were.
15:04But, obviously, it's not for free.
15:06It's not because my tweet went viral.
15:08They're going to reduce my premium for nothing.
15:09So, we can reduce premiums by reducing our coverage a bit.
15:13So, one is, for example, like I said, life insurance, right?
15:15If yours right now is 100k, you can tell them, you know what, I don't need it.
15:18Bring it down to 10k and reduce my premiums.
15:20They can do that for you.
15:21Another way is your medical annual limit.
15:25Do you know yours?
15:26Not sure as well.
15:28Okay.
15:29I think a lot of people tend to not know, which is a bit...
15:32Yeah, I think you should know.
15:33But, let's say it's 1.5 million a year.
15:36Let's say you think, I don't need 1.5 million a year.
15:39I'm not going to, you know, some five-star hospital.
15:42For me, 500k a year is enough.
15:44So, you can reduce some of these things, they call riders, that will bring down your premiums as well.
15:50Okay.
15:51But if you are really tight on money, then terminating is also an option.
15:55Yeah.
15:56For people who, let's say, they are in debt right now, they cannot keep up with bills.
16:00I would say, take out the insurance.
16:03But then I'll burn the rest for the last five years.
16:06I mean, that's just how insurance works.
16:08Who else?
16:09It's like, okay, think about it this way.
16:11Five years, in your scenario, you didn't claim, you feel like, oh, I burned it, right?
16:15But what if you were born in a different reality where you paid for two years and then you claim 200k?
16:22You wouldn't be complaining about this right now.
16:24You would be like, thank God I bought insurance, right?
16:27And a lot of people are like that.
16:28So, I think it's a bit unfair.
16:31And again, obviously, the ideal scenario is for the rest of my life, I never have to go to hospital.
16:36I would pay, like, 500 ringgit a month for that.
16:38Like, wouldn't you, right?
16:39For sure, I would rather not go to hospital.
16:41So, I wouldn't see it as like, you know, ah, I already burned five years' worth.
16:46I never claimed anything.
16:47Now, the insurance company made all the money.
16:49I think if you're tight on money, it's okay.
16:51Just let it go.
16:52Move on with life.
16:53So, for me, the solution is to check what is my coverage.
16:56Yeah, I think that's the first thing that you should know.
16:59And then decide whether I want to...
17:01Continue, you want to reduce, you want to terminate, that one's up to you.
17:04Okay.
17:05That's helpful.
17:06Yeah.
17:07So, don't spend too much.
17:08I think, just to summarize this whole thing, right?
17:11Life insurance really depends on whether you have any dependents that rely on your income or not.
17:18Medical insurance, if you can afford it, go for it.
17:21If you can't afford it, just save that money.
17:23AKM is the way to go.
17:25AKM is the way to go.
17:26Malaysian healthcare, Malaysian doctors...
17:28Superb.
17:29Yeah.
17:30Thank you so much.
17:31No problem, Aisha.
17:32Thank you guys for watching Money Go.
Recommended
48:36
37:08
20:32